The company expects to get approval for a US$23 million share offer that will be used to fund the completion of the new IR.
Philippines.- Gaming and hospitality company PH Resorts Group Holdings has received pre-effective approval from the Securities and Exchange Commission (SEC) to proceed with a Php1.125 billion (US$23.2 million) follow-on offer of common shares.
The intention is to use the proceeds of the offering to fund the completion of the first phase of a new integrated resort to be launched in Mactan, Cebu.
While the firm previously stated that the opening of the venue would not happen until the second quarter of 2022, it is now aiming for a soft launch by the end of 2021, if the first phase is completed.
This first phase will feature 122 gaming tables split between mass, premium mass and junkets, plus 600 EGMs and 270 hotel rooms located alongside a 300-meter strip of beach front.
PH Resorts group chairman Dennis Uy, said: “This is another milestone on the way to completing Emerald Bay and continuing on our journey to further put the Philippines on the regional and international gaming map.
“Despite the ongoing COVID‐19 pandemic, we are confident that the Philippine tourism and gaming industry will be on the road to recovery when Emerald Bay opens.”
Chief operating officer José Angel Sueiro, said in a statement: “Our location in the largest urbanized area in the Visayas‐Mindanao region, close to a major international airport, the 7‐year exclusivity and the offering of a high‐quality vacation beach experience creates the perfect scenario for a successful integrated resort.”